Reccies for getting paid in usd into a uk bank account

[Ireallyshouldchangemyusername]

Hi all
I posted on MSE but thought I would also pick your brains too.

I have just set up as a sole trader to do consultancy work in the US. I will be resident in the UK for tax.

I need a business account that will accept usd.

My colleague is a small company and wants to pay me by check however I fear this would be costly for me wrt fees and a poor exchange rate . Can anyone advise a good bank and way to proceed that minimise hassle/cost for both parties . Are wise/revolut reputable? Any other suggestions ?

Thanks

Any ordinary bank account in the UK will accept bank transfers in any currency. You need to provide a (I think it is called a SWIFT) code as well as your bank account name, number and sort code. Ask your bank for the information you need. You will also need to tell the person paying you that all bank charges are to be paid by the payer and not the payee.

Will you be invoicing in US$ or £GBP?

Dollar checks are a nuisance, so don't accept them.

Firstly I would double check your tax status, if the income is earned by work done in the US, there may be US tax liabilities well as uk?
Account wise, somewhere like HSBC might meet your needs?

@NotEnoughRoom is right, as the place of supply is not in the UK. You will need to check US taxation laws.

Also be aware of money laundering regulations.

Take a look at CurrencyFair and TransferWise

Make sure you fix the exchange rate in your quote, whether you're quoting in £ or $. Otherwise you could find you're getting paid less than you thought if it changes.

Hi all thanks for your replies so far.

So a few points. I will be taxed in the uk as the work is carried out in the uk. That has all been confirmed thankfully!

The company i will be working with is very small and being in the US checks are king so I am thinking its going to be a hassle for them to perhaps set up electronically.

I did look at hsbc as they have the multicurrency account that sits along with the business account.

Starling seemed good but they are not taking new applications.
Are wise decent? Seem to get mixed reviews

I think I might offer to pay the fees if it means i dont have to deal with checks ....

Thoughts?